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Hackers are probably costing the UK £147bn a year

Apparently, 1.8 million of UK’s businesses have been victims of a cyber-attack, and that costs the country’s economy more than £147 billion, in the last year alone. This is according to a new report by Gareth Bacon, GLA Conservative London Assembly, entitled Safe & Secure: Protecting London’s data

Pretty much all businesses affected by these security breaches – 99 per cent of them – are small businesses, counting 249 employees, or less.  With that in mind, the report proposes a ‘Mayoral Standard’ for data security, helping London consumers and businesses protect themselves from cyber-attacks.  

Basically, it would force companies to keep up to date with the latest best practices in cyber-security, by complying with a set of requirements, and getting a seal of approval. 

“Data is the true currency of modern society and hackers are making a mint because companies are leaving the metaphorical door unlocked,” said Gareth Bacon, GLA Conservative London Assembly Member.  

“This is theft on a massive scale with conservative estimates putting the potential cost of online data theft in the UK at £147Billion a year.  

“Acting as a pilot programme for the rest of the UK, a Mayor of London Data Security Standard would help keep companies informed on what simple precautions to take to lock off any weak points. It would also provide a clear sign to consumers that a company is taking their security seriously.” 

“Our lives are now online, and it’s time to take internet security as seriously as our own physical security.”

Image Credit: Pavel Ignatov / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.